"We've proven up a working petroleum system in this area. What we're now looking to do is cement commerciality of the resources... very shortly we're going to have two wells drilling into our Phoenix Project, both of which are looking to turn this project from Proof of Concept to a commercial project," says Cook.

The oil and gas exploration company completed a $16 million placement earlier this month, and will now accelerate plans to redevelop a former oil field, known as the Buffalo Project.

]]>Thu, 24 May 2018 09:30:00 +1000http://www.proactiveinvestors.com.au/companies/stocktube/9355Buru Energy accelerating exploration efforts following Roc Oil transactionshttp://www.proactiveinvestors.com.au/companies/stocktube/9349
Buru Energy (ASX:BRU) executive chairman Eric Streitberg speaks to Proactive Investors about the Australia-focused oil and gas company's recent deal with Roc Oil (ASX:ROC) to sell half of its 100% ownership in the Ungani Oilfield for $64 million, and enter a Joint Venture on three of its most advanced exploration permits for a carry of $20 million. Buru Energy retains operatorship.

"The lifeblood of any company like ours is finding more oil and producing more oil, and that of course requires capital. So this seemed like a good time to bring in a partner who had a big balance sheet and was able to help us move the project forward more quickly than we would have been able to do with our internal resources," says Streitberg.

]]>Tue, 22 May 2018 20:26:00 +1000http://www.proactiveinvestors.com.au/companies/stocktube/9349Brookside Energy’s transformational business model validated with successful strategic divestmenthttp://www.proactiveinvestors.com.au/companies/stocktube/9290
Brookside Energy Ltd (ASX:BRK) managing director David Prentice explains the company’s strategic focus to Proactive Investors, as a successful case study is revealed to the market. The oil and gas E&P company, which operates in the world-class Anadarko Basin in Oklahoma in the US, has adopted a land leasing and development approach that is “somewhat unique” in Australia, but has a proven history in the US.

“Essentially, we’re acquiring undeveloped acreage across the Anadarko Basin in the hope of having that acreage revalued, as well as get drilled and reserves get booked…we’re very passionate about the fact that this strategy provides the best leverage for our shareholders,” says Prentice.

Brookside today announced the divestment of the first of its non-operated development units that has progressed to ‘full field’ development, at a price per acre that is greater than 10-times the average acquisition cost.

The Australian gold resource company is currently midway through a 2,400 meter drilling program at Tennant Creek, seeking to add the Malbec and West Gibbet targets to its small mines portfolio, and further exploring the Mauritania greenfield discovery. Elsewhere at Tennant Creek, an Airborne EM survey of Jasper Hills and Edna Beryl areas has recently concluded, and that data being compiled now.

Emmerson Resources is also processing data from its NSW project, which is set to be released in the coming weeks.

One of two projects currently operating and producing gold, the Syama Gold Mine in Mali, is progressing towards the goal of becoming a world-class sub-level cave operation. "We're currently operating two processing plants there: an oxide plant which is fed by satellite open pit mines, and the large-scale historic sulphide circuit which [is] processing stockpiles while we build an underground mine. That underground mine is due to start sub-level caving in December of this year," says Welborn.

The company’s second gold producing asset, the Ravenswood Gold Mine in Queensland, Australia, has recently gained final approvals for an expansion that should take annual site production beyond 120,000 ounces, over a mine-life of 13 years or more.

At the historic Bibiani Gold Mine in Ghana, a second feasibility study is in its final stages, and should be released before the end of this quarter. Resolute Mining will then make a development decision.

Exploration around existing assets designed to enhance operations is ongoing. Meanwhile, the company has made a number of strategic investments in junior gold miners and select potential development plays. Welborn explains, "we're establishing a portfolio of gold companies that we think will add a pipeline of growth to Resolute shareholders... it's a really strong end to the financial year for Resolute.”

The PFS on the company’s flagship LD Project in Western Australia details a development period of just over three years plus a one-year production ramp up. Pre-tax net present value (NPV) calculated at a rate of 8% is $460 million, representing an internal rate of return (IRR) of 18%.

"The most important thing fundamentally about LD - the full name being Lake Disappointment, which I do like to talk about because I say, 'here's a project that is anything but disappointing' - it's got a wonderful future, given that here in one place, [in] one single deposit, we have what is arguably a hundred year plus operation... the PFS that we've just released extracts only 6% of the current existing resource," says Cochran.

The company is focused on the Yandal Greenstone Belt, where it is taking a camp style approach to around 70 kilometres of strike. A consultant geologist has assessed structural aspects of the local geology and identified 9 high profile targets along 33 kilometres of strike. A 25,000 meter drill program will commence in 4-6 weeks, with results expected to flow in late June or early July.

"In the year 2018 there's a good chance and opportunity to, I think, match technology and innovation with going through some of these old greenstone belts,” says Wallace. To the west of Renegade’s project, Northern Star Resources (ASX:NST) has experienced large-scale success using modern exploration methods to establish the Jundee Gold Mine.

]]>Tue, 15 May 2018 08:30:00 +1000http://www.proactiveinvestors.com.au/companies/stocktube/9280"Smelters will be lining up to try and buy the product" says Galena Mining's CEOhttp://www.proactiveinvestors.com.au/companies/stocktube/9239
Galena Mining Ltd (ASX:G1A) chief executive Ed Turner updates Proactive Investors on the exploration and development company’s progress since it “hit the ground running” after floating on the ASX last September.

Metallurgical testing results have just been announced from the flagship Abra Project, a world-class base metals deposit with a globally significant resource of lead-silver which transitions into gold-copper rich mineralisation at depth. A pre-feasibility study (PFS) is underway and scheduled to complete in September, at which point a bankable feasibility study (BFS) will commence.

Turner explains, “what was very positive out of today's results is we're getting at least 72% lead in the concentrate plus 150-200 grams per tonne silver, so that exceeded our expectations. The average sort of concentrate on a similar type deposit might be 60% for example, and plus 70% recovery is very good. So this is highly salable product, and a lot of smelters will be lining up to try and buy the product from us."

Meanwhile, regional exploration is ongoing, with drilling active at the Woodlands copper targets within the Jillawarra Project.

]]>Wed, 09 May 2018 17:18:00 +1000http://www.proactiveinvestors.com.au/companies/stocktube/9239'Pivotal' period ahead for 88 Energy across its conventional and shale interestshttp://www.proactiveinvestors.com.au/companies/stocktube/9226
Dave Wall, managing director of 88 Energy Limited (LON:88E, ASX:88E), caught up with Proactive Investors to discuss their recent A$17mln fundraise which will be used predominantly to fund the ongoing evaluation of conventional and unconventional oil targets on Alaska’s North Slope.

Wall also talks through the imminent re-start of flow testing at the Icewine#2 well.

Masterman says, "on the production front it's great to see that production from our gas fields is up nearly 50%, our revenue's up 54%, so that's a very significant testament to the quality of those production assets. The quarter was a great quarter operationally."

Some corporate restructuring was completed in April, with the capitalisation and spinout of Coro Energy. Masterman explains, “we'll be able to put the Coro Energy shares in the hands of our shareholders; they'll get all the upside associated with the Coro development. And meanwhile, and most importantly, Po Valley Energy then becomes a very streamlined, focused company."

Tlou's completed a seismic survey across the Lesedi and Mamba project areas, obtaining ‘excellent data’ in the process, and has drilled two new core-holes at Lesedi.

Gilby says drilling intersected “gassy coals” and core samples are currently being analysed.

]]>Tue, 30 Jan 2018 21:03:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/8679Drilling down into Buru Energy's strong yearhttp://www.proactiveinvestors.com.au/companies/stocktube/8422
Buru Energy's (ASX:BRU), Executive Chairman Eric Streitberg tells us about the big year behind and the big year ahead after a capital raising exercise, a new drilling programme and increased oil production.
Hear how Buru's solid focus on exploring as well as production has been critical to planning Buru's prospects for 2018 and how this year's major portfolio restructuring has now paid off.
]]>Wed, 29 Nov 2017 08:30:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/8422Tlou Energy keen to expand ownership of the company in Botswanahttp://www.proactiveinvestors.com.au/companies/stocktube/8399
Tony Gilby, managing director of Tlou Energy Ltd (LON:TLOU, ASX:TOU), discusses with Proactive's Andrew Scott their decision to list on the Botswana Stock Exchange as well as their new cornerstone investor - asset manager African Alliance Botswana.

Funds managed by African Alliance have agreed to subscribe for roughly 21.2mln new Tlou shares at about 11p or 20 Australian cents a share

]]>Wed, 22 Nov 2017 21:36:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/8399Tlou Energy very encouraged by early data from Botswana seismic programmehttp://www.proactiveinvestors.com.au/companies/stocktube/8286
Tony Gilby, managing director of Tlou Energy Limited (LON:TLOU), updates Proactive on their ongoing seismic programme in Botswana, which is now about 40% complete.

The 2D seismic programme, spanning the Lesedi and Mamba coal bed methane areas, kicked off on October 8.

Wall discusses the potential of the new Icewine well, the anticipated timeline for the programme, and what investors can expect for what promises to be a very exciting 2017 for 88 Energy.

]]>Tue, 21 Feb 2017 01:52:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6950Grand Gulf Energy well placed as drilling advances at Boleslaw wellhttp://www.proactiveinvestors.com.au/companies/stocktube/6619
Managing director of Grand Gulf Energy (ASX:GGE) Mark Freeman told Proactive the group was very well placed looking ahead.
The firm, with a market cap of A$5.2mln has revenues from three producing fields, which generate over US$100,000 a month after costs, including royalties.
It has funding, production revenues, reserves and upside opportunity, he added.
It comes as the group's Boleslaw No.1 well was started earlier this week - and is expected to take just over three weeks to complete to a depth of about 1,500 metres.
The firm is targeting two zones - at 900 metres and 1400 m. The prospect has a best estimate unrisked prospective resource of 87 billion cubic feet of gas.
On supporting infrastructure in the event of successful drilling, Freeman also noted that: "Poland has a very extensive pipeline network and the joint venture will have a choice of which system to use - the closest is only 10km away.
"We also have the opportunity of generating electricity on site and selling the energy into the European grid," he added.
]]>Fri, 16 Dec 2016 01:41:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6619Solo Oil boss Neil Ritson says new drilling can turn Ntorya into a ‘big project’http://www.proactiveinvestors.com.au/companies/stocktube/6570
Solo Oil PLC (LON:SOLO) boss Neil Ritson is excited about what he describes as a long awaiting drill programme in Tanzania, which kicks off with the imminent spudding of the Ntorya-2 appraisal well.

He highlights that much has changed on the surface since the original Ntorya well discovered gas - most notably there’s a new gas pipeline and infrastructure, and with partner Aminex the company has delivered another project into revenue generating production.

“Now is the time to get after the appraisal of the discovery we made in 2012,” he said.

Ritson the first well flowed gas and condensate at respectable rates, but expectations are high for Ntorya-2.

“We’re trying to turn this from a commercial project into a ‘big project’.

“It has already got enough gas from the first well to go into the pipeline system and make us some money, but, we think there’s a lot more to come here.”

]]>Thu, 08 Dec 2016 18:00:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6570Refinancing deal 'critically important' for LGO Energy PLC, says CEO Neil Ritsonhttp://www.proactiveinvestors.com.au/companies/stocktube/6568
LGO Energy PLC (LON:LGO) has announced “a major turning point” with news of a refinancing deal which will allow drilling to recommence at the Goudron Field in Trinidad.

Speaking to Proactive's Stocktube, CEO Neil Ritson says: ''The combination of an affordable loan, robust and profitable production operations and an active drilling program, will allow LGO to quickly return to underlying growth.''

]]>Thu, 08 Dec 2016 02:35:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6568'A great deal of support' for Sound Energy PLC, says Cantor's Sam Wahab http://www.proactiveinvestors.com.au/companies/stocktube/6466
Sound Energy PLC (LON:SOU) has raked in more than it anticipated in a fundraiser that allowed private investors to participate alongside City institutions.

Speaking to Proactive, Cantor Fitzgerald's oil analyst Sam Wahab says: ''An oversubscribed and underwritten placing announced yesterday and today, that's just over £26 mln in the coffers and they only set out to raise £24.1 mln - and at a very modest discount as well''.

''It does show there's a lot of support both from private retail investors as well as City institutions''.

On Thursday, Sound said its first horizontal well flowed at 32mln standard cubic feet of gas a day and could eventually go “significantly above” 40mln standard cubic feet.

Sam Wahab says 'It's very material for Africa in general but certainly for Morocco''

''This is very, very important for them''.

''It shows that they can produce at significant rates from the existing acreage - I suppose looking further ahead the key focus for investors will be the outpost well which will be TE-8 and I suppose that would determine how large this field is'', Wahab adds.

]]>Fri, 25 Nov 2016 22:34:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6466Sound Energy PLC opens up funding to private as well as institutional investorshttp://www.proactiveinvestors.com.au/companies/stocktube/6458
On the back of some impressive flow rates from its first horizontal well on the Tendrara licence and backed by its success to date in Morocco, Sound Energy PLC has unveiled plans to raise just over £24mln.

Sound is offering shares in two tranches and is using the PrimaryBid platform for private investors who have less than €100,000 to stake on the company’s success.

On why Sound may have taken this approach, PrimaryBid's CEO Dave Mutton tells Proactive: ''The company has a very loyal existing shareholder base and one of their specific requirements for this offer was to be able to open it up to that shareholder base and let them participate''.

Mutton says he wasn't at all surprised at the level of interest there was for the company's stock as it's a very large company with keen shareholders.

In a statement Sound Chief James Parsons said: “Sound Energy values its private investor base and has chosen this structure to enable the introduction of institutions to the register whilst also re-affirming our commitment to treat private investors fairly.”

The memorandum of understanding was co-signed by the New Nigeria Development Company Ltd (NNDC) and Nigeria National Petroleum Corporation (NNPC).

Chief executive Andrew Knott tells Proactive: ''Alongside that agreement we've also made several other announcements which I think in aggregate represent a very big step forward for us as a company''.

''NNDC is one of the largest corporations in northern Nigeria - it's a very important and influential partner to have''.

The AIM quoted company expects to enter into additional agreements with NNDC and NNPC over time, and it added that separate talks are taking place between them regarding other potential opportunities in Nigeria.

]]>Thu, 17 Nov 2016 23:20:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6410Finncap's Dougie Youngson likes what he sees with Hurricane Energy http://www.proactiveinvestors.com.au/companies/stocktube/6369
Hurricane Energy PLC (LON:HUR) is one of the most exciting development stories in the North Sea today, according to City broker finnCap. Analyst Dougie Youngson tells Proactive: ''The key excitement is that it's a junior oil stock listed on AIM which has successfully raised a lot of money over the last 12 months and is drilling very exciting prospects in the North Sea - a region which people seem to have written-off incorrectly.''
Asked how he sees the stock performing in the months ahead, he said: ''It's largely dependent on the next two-well programme - if they can prove there's more resources then the Greater Lancaster area becomes a very critical infrastructure hub in the future. But even if the two wells don't come up with the goods, Lancaster is still a key project in its own right.''
]]>Fri, 11 Nov 2016 23:32:00 +1100http://www.proactiveinvestors.com.au/companies/stocktube/6369